FXCM USERS UPDATE
Dear FXCM users
We are in receipt of a letter from FXCM to one of our customers, and FXCM has stated that they have locked the customer account due to the fact they feel the customer is using an “EA” ( Expert Advisor), an EA is the code that connects the Master Traders account to the Client Account that allows the Client to Mirror the Master’s trades. This is normally used for Mirror/Copy Trading.
FXCM is claiming higher reporting costs to them due to trade modifications, however after our review of our Master Trader, there was no excessive modifications to our master traders executions, this leads us to believe that FXCM does not want to support “Trade Copiers”.
We have suggested FXCM for the past 3 years as one of the brokers to use as they are regulated by the NFA in the USA, and also the disadvantage to a regulated broker is the low leverage in the USA.
This letter is to inform you that we are not suggesting that you move to another broker, however the risks of using FXCM are high due to using an “EA”, which in this case is our Trade Copier at FXSignalsLive.com.
If you are interested in moving to another broker to reduce your risk of your account being blocked by FXCM or any US Regulated broker, then we can suggest the following brokers that accept US Clients.
www.tallinex.com Leverage up to 1:1000 - Managed Hosted Server
www.forexbrokerinc.com Leverage 1:500 - Managed Hosted Server
www.oanda.com Leverage 1:50 Direct Connect US Regulated Broker
If you are interested in making a change from FXCM to another broker that would reduce your risk of your account being affected, then please consider making a change to another broker as soon as you can. Moving accounts from one broker to another is a simple process, contact the broker you would like to use and tell them of your interest to change from FXCM to them.
COPY OF LETTER FROM FXCM TO OUR CUSTOMER:
“We are contacting you regarding the status of your FXCM account. We received notice from our Trading Desk that your MT4 account ending XXXX has been modifying orders at an excessive rate. We report each modification to the regulators at the National Futures Association (NFA), and in doing so, there’s a cost associated with the reporting. If the modifications are excessive, it creates an unnecessarily higher reporting cost for FXCM. It appears that there is a system or Expert Advisor (EA) applied to the account which is excessively modifying orders on the account resulting in this higher reporting cost for FXCM.
With that being said, the account will be locked effective immediately from the delivery of this notice to the email address on file.
Please note, you can still manage your positions; however, you will only be able to do so over the phone with our trading desk during trading hours. To do so, you can call to our Live Support line at 1-888-503-6739 and request for assistance in being connected to the trading desk for your positions to be managed. You will need to speak with a live account specialist before speaking with our trading desk.
To have your trading account unlocked, please contact me email@example.com, and CC xxx@fxcm and firstname.lastname@example.org to unlock the account. You will need to provide confirmation that the system, EA, or trade copier in question has been turned off or modified. Please allow at least 1 business day from the receipt of your sent confirmation for your account to be unlocked.”
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